IL HB1497

Exempts peer-to-peer car sharing from the Automobile Renting Occupation and Use Tax if the shared vehicle owner paid applicable sales or use taxes when purchasing the vehicle.

Car-sharing programs must ask shared vehicle owners whether applicable taxes were paid at purchase and are held legally harmless for relying on the owner's response.

Restructures liability limits for vehicle theft in rental agreements, capping theft liability at $5,000 for vehicles with MSRP of $50,000 or less and $40,000 for vehicles with MSRP over $50,000.

Requires rental companies to provide notice to renters about the liability changes for 6 months following the act's effective date, posted in a conspicuous location.

Establishes that the theft liability caps apply only if the renter or authorized driver exercised ordinary care; otherwise, liability extends to the vehicle's fair market value.